A while ago, I received an advance copy of The Automatic Millionaire Homeowner
I like it. The book starts off with something I don’t necessarily like—a bit of that “seminar” feel. In fact, the seed ot the idea for this book was planted in the author’s head during a seminar he was presenting. The premise of the book is very clear: the best way to increase wealth is by owning property.
Once we’re past the seminar, Bach presents in great detail the entire process of getting into real estate, whether for investing or for living. His attitude is bullish on the real estate market, and he only hints that the market may start becoming less favorable for buyers. He inserts narrative disclaimers every so often explaining that the times may be a-changin’, and recognizes that the real estate flipping can’t last forever. Bach emphasizes that long term investing in real estate is still the way to go, despite the short term concerns.
The Automatic Millionaire Homeowner traces the process of buying house from start to finish—from the realization of the desire to purchase real estate to the point when you’re ready to give back to the community. The book presents specific information for first-time homebuyers which will be helpful when it comes time. One section focuses exclusively on how to find a mortgage banker, describing important distinctions between mortgage bankers and mortgage brokers.
Each chapter concludes with a quick summary and links to websites with more information and audio downloads (which I couldn’t find immediately). Most importantly, the book is very motivational. It leaves very few reasons for one to continue renting rather than buying a house, even for a short time.
So what makes this book different than the millions of others about real estate? Bach’s focus is on making income generation automatic. For example, he describes methods for setting up automatic, accelerated mortgage payments. I think most people are familiar with most of these ideas by now—automatic payments have been mainstream for a while thanks to online banking and other technologies. I’m definitely interested in checking out some of Bach’s earlier books.
I’m very happy with this The Automatic Millionaire Homeowner. I would recommend the book to anyone who is thinking about buying a house, or should be thinking about buying one.
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11:17 am (reply)
Overall I like this guys no-nonsense approach to generating wealth but I’m a little disappointed he threw his hat into the real estate wealth arena. Especially without giving his readers a well rounded view of the potential downside of a market that will most likely change dramatically over the next few years. I’ve made a major turnaround financially over the last 5 years in real estate investing but I’ve also seen others seriously threaten their financial security by buying homes with a vague notion that it’s always going to work out for them. The simple fact that rents aren’t meeting up to mortgages in most coastal cities is going to do in a lot of new investors in the next couple of years.
4:00 pm (reply)
What does Bach – I think those words were his; I’ve browsed the book – mean “ready to give back to the community”??? (
I have rented my entire adult life and I figure I’ve given back to the community more than the average homeowner in my neighborhood.
I have built wealth for my landlords, surely that must be considered giving back. My home has been taxed for schools at four times the rate on owner-occupied homes, so it could even be argued that renters give back to the community more than do homeowners merely through property taxes.
And I have been on the board (two years) of my neighborhood association.
Now I’d love to own a home, but on my pathetic income, it’s highly unlikely. How about allowing low-end ownership opportunities not currently allowed?